The aim of this research was to develop a model for a solar refrigeration system (SRS) that utilizes an External Compound Parabolic Collector and a thermal energy storage system (TESS) for solar water heating in Chennai, India. The system parameters were optimized using TRNSYS software by varying factors such as collector area, mass flow rate of heat transfer fluid, and storage system volume and height. The resulting optimized system was found to meet 80% of hot water requirements for the application on an annual basis, with an annual collector energy efficiency of 58% and an annual TESS exergy efficiency of 64% for a discharge period of 6 h per day. In addition, the thermal performance of 3.5 kW SRS was studied by connecting it to an optimized solar water heating system (SWHS). The system was found to generate an average cooling energy of 12.26 MJ/h annually, with a coefficient of performance of 0.59. By demonstrating the ability to efficiently generate both hot water and cooling energy, the results of this study indicate the potential for utilizing a SWHS in combination with STST and SRS. The optimization of system parameters and the use of exergy analysis provide valuable insights into the thermal behavior and performance of the system, which can inform future designs and improve the overall efficiency of similar systems.